As the market seesaws between heavy selling and bargain hunting buyers, Tejas Securities Market Technician Jeff Weiss looks for patterns. Weiss points out the moves the bears made to the downside and the significance of the levels that were pierced. He also points to the levels that the bulls need to defend in order to keep stocks from crumbling. Weiss tells TheStreet's Debra Borchardt the levels in the S&P 500 he is watching to determine the direction of the market.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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